Mosaic price target lowered to $60 from $75 at JPMorgan

JPMorgan analyst Jeffrey Zekauskas lowered the firm’s price target on Mosaic to $60 from $75 and keeps an Overweight rating on the shares. The analyst reduced the firm’s assessment of normalized EBITDA from $3.5B to $3B to reflect more conservative potash volume and margin assessments and to attribute greater value to the phosphate business. Mosaic’s earnings are coming off the peaks, the analyst tells investors in a research note.